"So far, 2013 has seen the market rally over 63% of the time," said Art Cashin of UBS Financial Services. "Walter Murphy points out that since 1928, the S&P has averaged a 52.1% success rate. Only three years (1954, 1955 and 1995) had success rates above 60%. A 63% full year would be a new record."

Today was not without bad news. The New York Fed's Empire State Manufacturing Survey unexpectedly fell to -1.43 from 3.05 in April. Economists were looking for a reading of 4.00. The new orders and shipments sub-components both fell into the red. This is not a great sign for activity in the northeast.

All signs suggests inflation continues to be tame. Producer prices fell 0.7% in April from a month ago due to lower energy prices. Excluding food and energy, prices climbed by just 0.1%. Both metrics were in line with expectations.